Introduction
What is an Competitive analyses A competitive analysis identifies strengths, weakness, and opportunities of competitors in an industry in most cases using side by side comparisons.
Why Write A Competitive Analysis? Competitive analyses are useful when a company is entering a new area for product development or developing new business strategies. They allow companies to see competition in industries and develop plans for successful strategies. The first step in developing the analysis is to outline the framework or criteria at which you will be evaluating the competition. The analysis is basically a report on areas that your company is interested in evaluating before the planning stages begin. It is important to develop ways to show comparisons that are easy to understand and above all consistent. The use of tables, charts and graphs provides quick display methods for showing complex data or statistics.
Your Methodology
Try to base the method you use to establish your criteria on some type of industry standard. This will help you if you are questioned about your findings and the reason why you chose the criteria you chose to base your analysis. Industry standards can be established by finding what are considered to be best practises in the industry. Seek advice for this if you are having trouble understanding or finding best practises.
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